Apollo Global Management, Inc.

APO

US03769M1062

Pension Funds

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Apollo Global Management : 3Q 2024 Earnings Transcript

Published on 11/06/2024 at 07:03 pm IST - Modified on 11/06/2024 at 07:04 pm IST

Publicnow

APOLLO GLOBAL MANAGEMENT, INC.

+1.46%

Corrected Transcript

05-Nov -2024

Apollo Global Management, Inc. (APO)

Q3 2024 Earnings Call

	Total Pages: 18
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Apollo Global Management, Inc. (APO)	Corrected Transcript
Q3 2024 Earnings Call	05-Nov-2024

CORPORATE PARTICIPANTS

Noah Gunn	Martin Kelly
Global Head-Investor Relations, Apollo Global Management, Inc.	Chief Financial Officer, Apollo Global Management, Inc.
Marc Jeffrey Rowan	James Charles Zelter
Chief Executive Officer, Co-Founder & Director, Apollo Global	Co-Chair & Co-President-Apollo Asset Management, Apollo Global
Management, Inc.	Management, Inc.

.....................................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Alexander Blostein	Brennan Hawken
Analyst, Goldman Sachs & Co. LLC	Analyst, UBS Securities LLC
Craig Siegenthaler	Brian Bedell
Analyst, BofA Securities, Inc.	Analyst, Deutsche Bank Securities, Inc.
Bill Katz	Kenneth B. Worthington
Analyst, TD Cowen	Analyst, JPMorgan Securities LLC
Steven Chubak	Benjamin Budish
Analyst, Wolfe Research LLC	Analyst, Barclays Capital, Inc.
Michael C. Brown	Daniel T. Fannon
Analyst, Wells Fargo Securities LLC	Analyst, Jefferies LLC
Patrick Davitt	Michael J. Cyprys
Analyst, Autonomous Research US LP	Analyst, Morgan Stanley & Co. LLC

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Apollo Global Management, Inc. (APO)	Corrected Transcript
Q3 2024 Earnings Call	05-Nov-2024

MANAGEMENT DISCUSSION SECTION

Operator: Good morning, and welcome to Apollo Global Management's Third Quarter 2024 Earnings Conference Call. During today's discussion, all callers will be placed in listen-only mode, and following management's prepared remarks, the conference call will be opened for questions. [Operator Instructions] This conference call is being recorded.

This call may contain - or this call may include forward-looking statements and projections, which do not guarantee future events or performance. Please refer to Apollo's most recent SEC filings for risk factors related to these statements. Apollo will be discussing certain non-GAAP measures on this call, which management believes are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to GAAP figures in Apollo's earnings presentation, which is available on the company's website. Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase any interest in any Apollo fund.

I will now turn the call over to Noah Gunn, Global Head of Investor Relations.

Noah Gunn

Global Head-Investor Relations, Apollo Global Management, Inc.

Thanks, operator. And welcome, again, everyone, to our call. Earlier this morning, we published our earnings release and financial supplement on the Investor Relations portion of our website. We reported strong third quarter financial results that included record fee related earnings of $531 million or $0.87 per share, near-record spread related earnings of $856 million or $1.40 per share, and adjusted net income of $1.1 billion or $1.85 per share, which reached the second highest level on record.

Additionally, I'd like to take a moment to thank you all for participating in our Investor Day last month. We were thrilled to have fantastic attendance with over 3,000 people participating live, in addition to another 54,000 who have accessed the replay since then. Given our proximity to this comprehensive event, today's call will be a shorter update. I'm joined this morning by Marc Rowan, CEO; Jim Zelter, Co-President; and Martin Kelly, CFO. Marc and Martin will cover prepared remarks, and Jim will be available for Q&A.

And with that, I'll hand the call over to Marc.

Marc Jeffrey Rowan

Chief Executive Officer, Co-Founder & Director, Apollo Global Management, Inc.

Thank you, Noah, and good morning. I want to echo Noah's sentiment that we take nothing for granted, and we deeply appreciate your willingness to spend three to four hours with us on Investor Day to truly dig into the unique business that we are building. Hopefully, we outlined a clear vision for our five-year plan, as well as the upside drivers. In summary, for those who did not suffer through the three to four hours, we talked about average annual FRE growth of 20%, average annual SRE growth of 10%, FRE and SRE reaching $10 billion, $5 billion each in 2029 and ANI more than doubling to $15 a share by 2029. Capital generation of $21 billion.

In short, we laid out ambitious targets, but their targets, the management team and I are fully behind and believe we can meet. Third quarter was a solid start in that direction. In short, everything worked, the team made all of us

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Apollo Global Management, Inc. (APO)	Corrected Transcript
Q3 2024 Earnings Call	05-Nov-2024

look good. We will open the frozen yogurt bar today to reward the team for that. It's one of the tools we joked about on Investor Day, but it's part of the culture of Apollo.

Let me spend a second as to how the long term business plan and the quarter relate to each other. In terms of our five-year plan, we laid out four macro trends, or tailwinds that we thought were going to drive ourselves and our industry forward over the next five years. The so-called global industrial renaissance and this massive need for capital to rebuild infrastructure, energy transition, and next generation power and data.

The second, retirement. The third is the growth of individuals complementing institutions who have long been the sole source of capital for private assets. And finally, the notion of public and private convergence. In short, any of these four TAMs could double our business over the next five years. It is up to us to execute against this opportunity set and to position the franchise squarely in front of these very strong tailwinds. We're fortunate in many ways that even at our size and scale, in the scheme of the asset management industry, we are a relatively small player. And while we project that we will double our business over the next five years, that is not all that large, particularly compared to the enormous TAMs in front of us.

Bringing it down to the quarter, in terms of global industrial renaissance and the massive need for capital, this was a record origination quarter. $62 billion of originations for the quarter, $194 billion year-to-date. Platforms, really strong quarter. Atlas, in particular, had a really strong quarter. $50 billion of cumulative originations to-date, $5 billion of equity capital raised, a new $5 billion facility from BNP, 350-person strong. In short, the cylinders are all firing Atlas, and we expect great things from them going forward.

In Retirement, Athene had another $20 billion organic growth quarter. We continue to widen the funnel through distribution expansion. Just launched with BAML last week, another top 15 platform. Away from Athene, we continue to make inroads into the Retirement space, in particular in the DC market. We have our first mandate for our AAA product, an RIA platform. We are in the equity sleeve of a CIT offering and we launched in October. While technical, this is an enormous milestone for us, and I believe portends well for the future in front of us in adding private assets to help bulk and accelerate retirement solutions for those in need.

In terms of individual investors and progress against retail, fundraising is on pace to increase 50% year-over-year in 2024 without a flagship fund. The team here has done an extraordinary job. ABC, our asset based company is now distributing on two large wirehouse platforms. ASPM, our evergreen multi-asset secondary strategy launched globally. We now have post these two, 11 wealth products focused on the market, six of which have been in the market for a year or less. But I want to really call out here what the potential of what this can be.

Recall that our strategy here is to be seen as an innovator in this marketplace. So, AAA, which we talked about a year-and-a-half ago, we've now crossed $18.5 billion, and we expect to be circa $20 billion by year-end. Strong returns here now approximately 10.5%, with a fraction of the volatility of public equity markets and public debt markets. This is the kind of product that has multiple uses across portfolios, and I stick by what I said when we launched the product, I expect this to be the largest fund at Apollo within a very short period of time, and I think next year will be when that happens.

ADS, also really strong performance. Durable yield, taking advantage of trends in private credit, but done it in an Apollo-esque way, lowest leverage, all first lean. We expect the strategy to be circa $15 billion at year-end. I cite the size of this, because I think it's important to show just how fast this channel is developing. And the channel development is about product, it is about performance, but it is also about the capability to serve this large and growing market and the capability to continue to innovate. We learn something almost every day in this marketplace.

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Apollo Global Management, Inc. (APO)	Corrected Transcript
Q3 2024 Earnings Call	05-Nov-2024

To cite just one example, we talked a year ago about an insurance wrap product to take advantage of the unique tax situation of individual investors. Our Altitude series, which encompasses our insurance wrap product, we expect to be circa $1 billion at year-end and now active in two significant wirehouses. Those three trends, global industrial renaissance, retirement, and growth in the retail channel are three of the four cylinders that we expect - or three of the four tailwinds that we expect to power our business going forward.

The fourth is this whole notion of public and private convergence. We see this as fixed income replacement. What we're watching take place is investors who have historically allocated to private markets solely out of their alternative bucket are beginning to allocate out of their fixed income bucket, which historically has been a 100% public investment grade. We expect that, over time, investors will begin to divide this bucket between beta, public investment grade; and alpha, private investment grade; and they will consume that in a number of different formats. Some will consume it directly as pure private assets. Some will consume it in fund format, and yet others will consume it in products that are more familiar to them from more familiar names such as the partnerships and the relationships we've announced with Lord Abbett and with State Street. More on that product when it is approved because it is currently in registration.

Those four tailwinds, I believe, will push our business forward, and they will push our industry forward. But all of them ultimately depend on one factor, they depend on our capacity to originate assets that offer excess return per unit of risk, or alpha. We are not solely an asset manager. If we behave like an asset manager and simply gather funds, we will simply integrate our business, integrate our franchise. That is not our intention, and it is not what we're going to do. Our capacity to grow is limited, as I've said previously, by our ability to originate and we are keenly focused on how we go about doing this.

We have a number of platforms, some 16, which we've spent roughly $8 billion building over the past 15 years that now employ circa 4,000 people. This is a very significant investment and a bar that many of our competitors will need to cross to compete with us in this area. Some will do that, and we expect them to do that. But make no mistake, this market is enormous. But one has to originate good risk to be able to grow their business and offer their clients excess return per unit of risk.

In the three-and-a-half hours that we talked during our Investor Day, I wish we could have covered everything, but we failed to. One area I really want to drive home and talk about our recent promotion is our third-party insurance. We have built, for Athene, the capacity to originate good assets and have proven over the past 15 years that we can scale our Retirement Services business. Recall that as an originator of assets, we want 25% of everything and 100% of nothing. In some ways, the ideal partners for us are other insurers, people who are trying to amortize the same sorts of liabilities that we're seeking to amortize and deal with the same capital and regulatory regimes.

Our third-party insurance business is approximately $100 billion of AUM as of this date, and we expect it to double over the next five years. But it will not double on its own and so, we've taken one of our most senior partners, Jeff Jacobs, and asked Jeff to become the CEO of our third-party insurance business with all of the resources of the firm at his disposal. This is important to us, not just in the capacity to add AUM, but also to support an industry and to support retirement, and to make sure that there's a broad understanding of the regulatory and capital regimes associated with private assets, particularly private investment grade. And it's an area that will receive lots of attention from us.

In short, we're playing to win. Lots of the terms we've introduced across the industry, this notion of origination, fixed income replacement, and an industrial renaissance now seem to be mainstream. We believe we are building something unique in the context of our industry, and we believe we are uniquely positioned for this opportunity

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Apollo Global Management, Inc. (APO)	Corrected Transcript
Q3 2024 Earnings Call	05-Nov-2024

with the capacity to originate the right cost and form of capital, and the right culture to succeed. In short, we got to do this.

With that, I'll turn it over to Martin.

Martin Kelly

Chief Financial Officer, Apollo Global Management, Inc.

Thanks, Marc, and good morning, everyone. So, third quarter financial results across FRE, SRE, and PII exceeded expectations and positioned us well to close out 2024, consistent with our expectations and to move confidently into the first year of our latest five-year plan. I'll make some very brief comments on this quarter's results before opening up to Q&A.

Fee related earnings, within asset management, FRE reached a new quarterly record and surpassed $1.5 billion on a year-to-date basis, supported by strength in fee related revenues from our credit business. Credit management fees increased 20% year-over-year, with growth in third-party credit management fees exceeding that of Athene and Athora. Over the last 12 months, we've generated more than $140 billion of inflows to support continued management fee growth. In the third quarter, credit inflows totaled $39 billion, inclusive of the robust flows at Athene that Marc mentioned, as well as broad based fundraising activity across direct lending, opportunistic, and multi-credit, and further inflows related to financing our Atlas business.

Our Capital Solutions business posted its second highest quarter of fees on record, supported by approximately 80 underlying transactions. Fee related performance fees were also strong, increasing more than 40% year-over- year. This fee stream is primarily driven by stable spread based income from certain credit products and vehicles, including ADS. Going into the fourth quarter, we expect these revenue growth trends to largely persist, supported by our previously discussed organic capital formation target of $120 billion for full year 2024 and a strong diversified origination pipeline.

At the same time, we've remained focused on cost discipline with total expenses increasing 11% year-to-date versus the prior nine-month period, excluding the impact of $15 million of fund merger costs in the second quarter that we previously commented on.

Turning to Retirement Services, SRE results reflect robust organic growth trends of $20 billion in the quarter and solid levels of spread profitability. Net spread, excluding notable items, increased by 16 basis points quarter-over- quarter and was roughly flat with Q2 when adjusting for our long-term expectations of an 11% alternatives return. As part of this, Athene's alternatives portfolio generated an 8.2% annualized return in the third quarter, within which AAA generated a 10.5% annualized return, approaching the 11% long-term expectation.

We took several actions with respect to Athene's alternatives portfolio within Q3 to align the allocation more closely with AAA, which now accounts for approximately 80% of the portfolio at quarter-end. Starting in January and going forward, we intend to pre-release return information around the first business day following quarter-end in an effort to provide more near-term visibility into this line item.

Turning to the year-to-date view, SRE totaled $2.4 billion, up 5% versus the prior year comparable period when excluding notable items. As we described in detail at Investor Day, we expect SRE to approximate $3.2 billion for the full year, which implies a similar level of SRE in the fourth quarter versus third quarter results on an as reported basis.

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Apollo Global Management, Inc. (APO)	Corrected Transcript
Q3 2024 Earnings Call	05-Nov-2024

Principal investing income benefited from some monetizations by Fund IX during the quarter. Our net accrued performance fee balance at September 30 was $1.4 billion and continues to be supported by strong investment performance. We generated double-digit returns across a variety of credit strategies and hybrid value over the last 12 months, as well as more than 30% for PE Fund X over the same period. While we expect near-term realizations activity to be more in line with recent quarterly trends based on our current pipeline, we're optimistic that PII will increase meaningfully over the next couple of years as the exit environment improves.

In terms of capital allocation, we deployed more than $400 million within Q3 to opportunistically repurchase more than 4 million shares at an average price of $105 amid heightened volatility during the quarter.

And with that, I'll turn the call back to the operator for Q&A.

QUESTION AND ANSWER SECTION

Operator: Thank you. The floor is now open for questions. [Operator Instructions] Our first question today is coming from Alex Blostein of Goldman Sachs. Please go ahead.

Alexander Blostein

Analyst, Goldman Sachs & Co. LLC

Hi. Good morning. Thank you for the question, everyone. So, I was hoping we could start with the progress you guys are making on third-party fundraising, and particularly with respect to the insurance channel, Marc, as you mentioned earlier. Couple of specifics, maybe you can give us an update on the flows you're seeing there year-to- date, I heard $100 billion in total AUM, but curious on the growth and the type of fee rates you're seeing in that channel?

And just broadly, when you think about the addressable market there, what sort of changed that sort of enable some of these insurance companies partner with you guys as a competitor in some way? And in terms of the liabilities that you're looking for in this channel, is this strictly an annuity kind of rider channel or sort of broad insurance base?

Marc Jeffrey Rowan

Chief Executive Officer, Co-Founder & Director, Apollo Global Management, Inc.

It's Marc, Alex. I'm going to start more generally and then Jim will pick up specifically. A bunch of the things you've said really don't track with how things have done. We have always started and always run a third-party business. People who you would think would be - who are our competitors in the liability, we partner with on the asset side regularly. Not only do we partner with them in an aligned fashion for the assets themselves, but from our public announcements that a number of people you would consider our direct competitors own pro rata side-by-side pieces of our origination platform. We intend to continue to do this going forward.

Unlike certain very constrained markets, for instance, like private equity, the market for private investment grade, I believe to be fast, and this is about having the capital to go after them. And also recall that although we originate a risk, we want some of that risk for the Athene balance sheet. We want some of that risk for our credit funds and the other accounts that we manage on behalf of our third-party clients.

At this point in time, and for the foreseeable future, having like-minded institutions, particularly insurers who have the same risk reward, the same regulatory and the same capital regimes, is additive to our franchise and is

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Apollo Global Management, Inc. (APO)	Corrected Transcript
Q3 2024 Earnings Call	05-Nov-2024

additive to their franchise. Competitively, we still take a very, very large share of these assets, and no one competitor has anything near it. But we view this as beneficial to our franchise. And in turn, if one of our peer insurance companies originates risk that we think is interesting and they want us to take - participate with them, we will. It's a very different ecosystem than people have historically thought of in the private equity, where it's a winner-take-all mentality. I sometimes joke in credit that if you originate a risk and own 100% of it, it means you made a mistake, rather than you want something.

The second part before I turn to Jim is, we have two or three different types of insurance accounts. And by the way, they're mostly life and annuity, not P&C, just to touch on that. Some of third-party insurance are direct placements with peer insurance companies, either through programmatic investments, one-off investments, or in the context of funds or SMAs, very big part of our business. But increasingly, we actually see people partnering with us, institutions and in some cases other financial institutions side-by-side with us in ADIP.

ADIP gives participants not just a share of the assets, but a share of the liabilities. And they get to leverage off the Athene cost structure. Although we didn't talk about it this quarter, when you have a chance to go back and look, Athene continues to do an unbelievable job on the efficiency of operations. I saw some numbers from the quarter. I, quite frankly, was impressed. So, with that, I'm going to turn it over to Jim.

James Charles Zelter

Co-Chair & Co-President-Apollo Asset Management, Apollo Global Management, Inc.

Yeah, not a lot to add, Alex, but I would say that, what Marc just described is this open architecture flywheel. And whether it's in funds, whether it's in ADIP, whether it's sharing views on how CLO should be looked at and calculated from a regulatory perspective, there's a whole variety of activity that takes place. And, we have always been a player in this space. But as Marc mentioned, by putting one of our senior individuals who's really been at the intersection of the Athene portfolio of leadership, applying that same insight, sourcing, portfolio, construction across the environment is helpful.

And, again, this is mostly investment grade activity. And the reason why we think it can grow so large is, for the most part, all this activity, if you get into investment grade and fixed income replacement, this is really dispersion of credit risk across the platform and across the ecosystem, not just the creation, which is really more the traditional direct origination. So, the scale and substance of these activities, we think is, we're still in the early days.

Operator: Thank you. The next question is coming from Craig Siegenthaler of Bank of America. Please go ahead.

Craig Siegenthaler

Analyst, BofA Securities, Inc.

Hey. Good morning. Hope everyone's doing well. My question is on retirement outflows. So, after a pick up last quarter, they improved back down to the 10% range annualized, kind of right in line with your target from the Athene presentation from August. But from the same disclosure, they're expected to decline again modestly in 4Q 2024, where we actually don't have any visibility into 2025. So, I'm wondering if you could share with us how liability outflows are expected to trend in 2025, and for the full year, is it generally in line with 2024 with some quarterly deviations?

Marc Jeffrey Rowan

Chief Executive Officer, Co-Founder & Director, Apollo Global Management, Inc.

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Apollo Global Management, Inc. (APO)	Corrected Transcript
Q3 2024 Earnings Call	05-Nov-2024

It's Marc for one second. So, during the substantial run up in interest rates, there was a tremendous amount of interest from the research community and from shareholders into the behavior of liabilities. And so, we began to publish the statistics that we used actually to run our business. The runoff of insurance liabilities is actually highly predictable. And one of the things we wanted to do by publishing is to show that we actually have a pretty good sense of when period end business, MYGA business, is going to runoff. We have a regular flow of pension risk transfer business and a regular flow of runoff of fixed income annuities, as well as policy loans and other out-of- period surrenders. I think the easiest thing to do is probably update our 2025 forecast, but with Investor Day, we didn't get around to it. I think that's - it's on our to-do list.

Martin Kelly

Chief Financial Officer, Apollo Global Management, Inc.

Which it's high up the list, we plan to. I would say, I'm not aware of anyone else in the industry that publishes this information. And so, it's another area where we strive to be transparent, and we track very closely against the metric. And as Marc said, the ups and downs from any one quarter to the next tend to be driven by contractual features of policies. And so, they're highly predictable. Looking ahead, I wouldn't expect any different trend from what we've seen. It's just tracking exactly as we expect.

Operator: Thank you. The next question is coming from Bill Katz of TD Cowen. Please go ahead.

Bill Katz

Analyst, TD Cowen

Okay. Thank you very much for the comments and taking the questions this morning. Marc, I'm intrigued by two of your comments, just your notion of retirement opportunity, as well as the retail. I think I want to ask about retirement, but I'm going to ask about retail. In terms of the retail platform, you mentioned you're learning a lot. So, I was wondering if you could maybe help us understand how you see the opportunity set evolving for the industry and Apollo's role in that?

And then secondarily, a number of your peers have been sort of speaking to higher expenses to build out the wealth management footprint. Could you share with us where you are in terms of that expense cycle? Thank you.

Marc Jeffrey Rowan

Chief Executive Officer, Co-Founder & Director, Apollo Global Management, Inc.

So, I'm tempted to answer your retail question with a retirement answer, but I'm actually going to go after the retail side of it. So, we're in the very early stages. I think one of the things we tried to do at Investor Day was to present this pyramid of how we think about the retail channels. At the top of the pyramid, we think about family office.

Family office to us is really nothing other than institutional. We cover them like institutions. They behave like institutions. As best we can tell, they are now close to 50% private, which does not mean alternative in a traditional sense, but 50% private.

At the bottom of the pyramid, I call that mass affluent. I hypothesized that we were not likely to serve these people directly, that we were likely to be a parts provider to incumbent asset managers, traditional asset managers who were going to blend in a number of different formats, private assets into products that are more easily understood by the vast majority of investors who will not on their own go through the educational process and perhaps are not closely advised by a financial advisor.

The channel that, I think, you're referencing is really talking about the advice channel, which, let's call that, high net worth, which has lots of different definitions. For us, I think that this is a question appropriate products and

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Apollo Global Management, Inc. (APO)	Corrected Transcript
Q3 2024 Earnings Call	05-Nov-2024

services. They generally do not buy products that have binary outcomes. They buy things that are more yield oriented that tend to pull to par or have more predictable behavior, although episodically they do buy traditional alternative products in fund format, but that is not the vast majority of what we're talking about.

If you think about these institutions, serving these institutions is going to be, in my opinion, an opportunity for a handful of firms, to scale that one needs to put together of people, technology, products, systems to serve one of the large wealth channel participants really only makes sense if you are multiple products at a large scale and are capable of generating alpha. Let's not forget that at the end of the day, we're not just asset manager, we have to develop excess return. For better or worse, I think we envision the costs of doing this. I don't view the costs as a surprise. They have been contemplated in the context of the budgets and forecasts we've given you. So, I would not call out anything unique.

I think the interesting thing that's happening in this business is, when we enter a certain channel, we say, oh, we're partnered with so-and-so. The reality is, we're still to 5% or 10% of their financial advisors and their clients. We, all of us, have yet to fully penetrate any of these systems. To fully penetrate a system, we have to make our products simpler. We have to be able to serve qualified and non-qualified investors, and we have to be able to do it with technological ease. And so, we are not so much seeing cost pressure. What we're seeing is requests for services. This can be educational services, this can be technological services. This can be ease of doing business services. And perhaps one of the most intriguing, something we've referred to previously, is addition of regular way, low cost leverage.

And with that, I'll turn it to Jim to see if he wants to add anything.

James Charles Zelter

Co-Chair & Co-President-Apollo Asset Management, Apollo Global Management, Inc.

Yeah. And what Marc's really talking about is taking a product dialogue and making it much more of a portfolio solutions dialogue. And we're the head of the pack in terms of the breadth of products that we've created. As Marc said, the clients don't want ever - they don't want binary outcomes, they want a lot more evergreen products. But the latest note that Marc mentioned, whether it's, certainly in the equity business and the public equity business, the ability to buy things on margin, while certainly there will be a time in the future where whether it's fund finance or other or even portfolio solutions in terms of SAA, strategic asset allocation, how a client looks at a variety of these options. So, it's much more holistic. There'll be a few winners we plan to beat. We have planted our flag with resources and commitment and vision to be a successful player.

Operator: Thank you. The next question is coming from Steven Chubak of Wolfe Research. Please go ahead.

Steven Chubak

Analyst, Wolfe Research LLC

Hi. Good morning. So, I'm actually going to ask a question around the retirement opportunity. At Investor Day, Marc, you did make a compelling case for a rethink of the future state of target date fund allocations around the $15 trillion DC opportunity. As we think about what is tangible on a near-term basis in terms of wealth allocations and how that might evolve on the percentage that's in target date funds, it looks like less than half of DC assets are currently held in target date funds. The majority of those fund assets are held by folks in higher age cohorts. So, wanted to get your perspective on how you see that opportunity evolving over time. How much of that $15 trillion do you believe you can service on a more near to medium term basis once that new market opportunity hopefully opens up to you and your peers?

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Company Profile

Apollo Global Management, Inc. specializes in alternative asset management. The activity is organized around two sectors: - sale of retirement savings products: for institutions, companies and individuals; - alternative asset management: fund management on behalf of pension funds, sovereign wealth funds, institutional and individual investors.

Employees

6,140

Sector

Pension Funds

Calendar

19/05 - Ex-dividend date - 0.5625 USD

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